Bank Reconciliation

Introduction

Bank Reconciliation (Bank rec) is the process by which the bank account balance in an entity’s books of account is reconciled to the balance reported by the financial institution in the most recent bank statement. Any difference between the two figures needs to be examined and, if appropriate, rectified.

Typical Problems

Bank rec is a time-consuming, manual process of comparing business accounts with bank transactions, ensuring they are aligned. As a result, the process is cumbersome and prone to error.

Solutions

Bank rec can be automated using a modern cloud accounting solution; utilising Bank Feeds which pulls through transition data and auto-matches it with business accounts with absolute minimal manual data entry.

Benefits/ROI

The automation reduces lengthy manual input, reducing errors and time needed.

Reduce potential fraud and spot incorrect payments or suspicious activity immediately.

Make vital business decisions with accurate accounts data (rather than assumptions) with a verified set of numbers keeps, which keeps you in tune with financial performance.

Easily Identify tax-deductible expenses while doing your bank reconciliation.

Track accurate profitability by assigning expenses to specific projects to get real-time margin positions.